Just look at our Big Chart – we flipped it bullish and put up new level targets just two weeks ago and already the Russell is up 5% to test 1,000. All 3 lines over 1,000 and we're back to being bullish until 3 of 5 fail to hold our "Must Hold" lines.
We should be celebrating this but we played too cautiously as what we thought was a top and I never officially put "5 Inflation Fighters Set to Fly" or our "5 Trade Ideas that Make (made) 500% in an up Market" into our portfolios and I only said:
So lots of fun ways to participate in the next mega-rally. We don't need S&P 1,900 – just holding 1,600 would do us quite well and I cannot emphasize enough that these are HEDGES to our current BEARISH stance – just in case we're wrong and a correction never comes and the markets go up and up forever and all of our bearish positions expire worthless.
In reviewing those posts, I realize I went heavily into detail about my thoughts of the current market environment and we decided we'd better go with the flow until the flow changes and, frankly, I don't have a lot to add to that. A week ago we reviewed our "5 Trade Ideas" that made ridiculous amounts of money in a very short time but, as I have been reminded this weekend – unless I specifally state something should be included in one of our virtual portfolios – it doesn't occur to people that they should add it to theirs so we have been out of balance bearish in our portfolios and have gotten hit pretty hard in this relentlessly climbing market.
This article will become free after 48 hours (see below for free content). To read the rest of this article now, along with Phil's live intra-day comments, live trading ideas, Phil's market calls, additional member comments, and other members-only features - Subscribe to Phil's Stock World by clicking here.